- Tron price has been in a consolidation phase in the past few days.
- USDD growth has also stalled, with its market cap stuck at $744 million.
Tron price has been in a tight range in the past few weeks even as cryptocurrency prices rebound. TRX was trading at $0.07, which is slightly below July’s high of $0.07150. This price was about 50% above the lowest level this year, bringing the total market cap to more than $6.55 billion.
Tron ecosystem is still vibrant
Tron is a leading blockchain project that was developed by Justin Sun. It describes itself as the biggest public blockchain project with over 106.7 million accounts. Over the years, it has handled over 3.6 billion transactions in its ecosystem.
Tron has been used to build all types of decentralized applications (dApps) such as decentralized finance (DeFi), non-fungible tokens (NFT), and gaming.
According to DeFi Llama, Tron has been used to build several popular applications. Some of the most notable ones are JustLend, Sun, JustStables, SocialSwap, and UniFi. JustLend is a decentralized borrowing and lending platform that has over $3.38 billion in trade volume.
At the same time, SunSwap is the biggest platform that enables people to swap tokens. It has a total value locked (TVL) of over $1.28 billion.
Learn more about how to buy Tron in the USA.
Meanwhile, Unifi Protocol is a platform that owns uTrade, uStake, and Bridge. uTrade is a trading platform while uStake enables people to earn significant returns. Its total value locked has jumped to over $1.5 million.
Tron price has also lagged the rest of the market because of the performance of USDD. USDD is a stablecoin that was launched in May by Tron’s Justin Sun. After experiencing a strong recovery in its early days. Its demand has waned significantly in the past few weeks. Its market cap has remained at about $744 million in the past few weeks.
Tron price prediction
The four-hour chart shows that the TRX price has been in a narrow range in the past few days as demand for USDD has waned. It has found a strong resistance at $0.0715 where it has struggled moving above in the past few weeks. As a result, it has formed an ascending triangle pattern that is shown in green.
At the same time, it has moved slightly above the 25-day and 50-day moving averages while the MACD has moved slightly above the neutral point. Therefore, the coin will likely have a bullish breakout in the near term. If this happens, the next key resistance point to watch will be at $0.08.
